BY DAYO ADESULU
In the last 48 hours, Bitcoin and other major cryptocurrencies have been experiencing consistent blood bathe.
Bitcoin had lost well over 12 percent of its value as it now plunges to $8,200 from $10, 500. The decrease in Bitcoin value have also affected other altcoins moving toward the downward direction.
Since Bitcoin broke down below $9000-$9100 range in value, we may see the currency fall further deeply to $6950.
Consequently, other big five cryptocurrencies like Ethereum, XRP, Tether, Bitcoin Cash and Litcoin have also experience a sharp decline in values.
Bitcoin broke below major support and is now 12% lower, 20% in Ethereum and 16% in XRP. Expect this downward trend to continue as traders will keep selling for fear of further fall.
However, since there are no major reason for the decline except that few traders and investors are reacting to the market, it will retrace the trend.